Paramount wasn’t exactly happy that Netflix struck an $82.7 billion deal to acquire a majority stake in Warner Bros. Discovery (WBD). Paramount is now launching a hostile takeover bid for WBD. With a cash offer of $30 per share expiring on January 8, the offer is aimed directly at WBD’s shareholders.
Late last week, WBD’s board of directors unanimously accepted Netflix’s offer of $27.75 per share. That will be $23.25 per share in cash and another $4.50 per share in Netflix stock. Netflix’s total offering is valued at $82.7 billion, while Paramount’s is valued at $108.4 billion.
There is a crucial difference with Paramount’s offer, as it applies to the entire WBD. The latter will be split into two companies next year. Netflix only wants the streaming and studio portion of the WBD business, which includes film, television and game studios HBO Max and Warner Bros.
“Although Paramount submitted six proposals in 12 weeks, WBD never meaningfully responded to those proposals, which we believe would provide the best outcome for WBD’s shareholders,” Paramount said. “Paramount has now made its offer directly to WBD’s shareholders and board to ensure they have the opportunity to exercise this clearly superior alternative.”
Paramount, which bought Skydance for $8 billion this year, also says the bid is likely to be subject to less scrutiny than Netflix’s bid, which won’t close until sometime after the WBD spinoff in 2026. Paramount executives believe the company’s smaller size and good relationship with the Trump administration will help streamline the regulatory process, Paramount said. Over the weekend, President Donald Trump said Netflix’s bid for WBD “has to go through a process and we’ll see what happens. But it’s a significant market share. It could be a problem.”
In a statement on this subject. diversityWBD said it will review Paramount’s latest offer and make a recommendation to its shareholders within 10 business days, or by Dec. 19. The company said it “will not change its recommendation regarding the Netflix deal at this time” and is asking shareholders “to take no action regarding the proposal for Paramount Skydance at this time.”
Meanwhile, Netflix co-CEO is Ted Sarandos he said at an event on Monday that Paramount’s new offer is “long overdue. We’ve reached an agreement and are incredibly happy with it. We think it’s great for our shareholders. It’s great for consumers. We think it’s a great way to create and protect jobs in the entertainment industry. We’re confident we can get to the finish line and get it done.”
Updated December 8, 2025 at 11:14 a.m. ET: Added information on the involvement of sovereign wealth funds and Affinity Partners.
Updated on December 8, 2025 at 14:38 EN: Added responses from WBD and Netflix.